Kevin Durant #35 of the Golden State Warriors defends against LeBron James of the Cleveland Cavaliers in Game 2 of the 2018 NBA Finals at ORACLE Arena on June 3, 2018 in Oakland, California.
Getty Images
Shares of MSG Networks, the cable network that broadcasts the New York Knicks, plunged in early trading Monday after the team missed out on signing superstar player Kevin Durant and other marquee NBA free agents. The decline came even as the rest of the stock market enjoyed a huge rally.
At its low of the day of $19.05 a share, MSG Networks had lost $130 million in market value on Monday. That’s more than half of the $164 million that ESPN reported the Brooklyn Nets will pay to sign Durant to a four-year contract. MSG Networks broadcast the vast majority of Knicks games.
Despite dropping as much as 8.4%, the stock later recovered most of that loss, ending Monday session 1.7% lower. That would represent a loss of about $25 million in market value for MSG Networks.
MSG Networks stock has…
